Irn-Bru maker AG Barr expects to complete its merger with Britvic on 26 February, almost a month behind the orginal deadline.
The all-share merger, which will create one of Europe’s largest soft drinks groups with annual sales of £1.5 billion, had been expected to be completed by the end of this month. However, the Office of Fair Trading (OFT) told the two firms earlier this week that it needed more time to examine the deal.
Barr said today that the OFT now hopes to reach a decision on 13 February, and the merger should take effect on 26 February, with trading in the new group’s shares beginning the following day.
The tie-up will see investors in Cumbernauld-based Barr, which also owns Rubicon and Tizer, own 37 per cent of the new entity, to be called Barr Britvic Soft Drinks. Shareholders in Hertfordshire-based Britvic, which makes Robinsons and Tango, will own the remaining 63 per cent.